Community Futures Revelstoke has been lending money to small businesses since 1987. In the past 30 years, Community Futures has approved loans totaling more than $26.3 million to 745 business loan applicants, creating or maintaining 2,100 jobs. Community Futures is approachable and willing to listen to your business idea. We are usually willing to take more risk than a conventional lender. Unlike most financial institutions, we are not a formula lender. Instead we assess every business venture on the basis of its own merit.
Overview of the Community Futures Lending Process
Contact Community Futures Office for an appointment with Cindy Maloney who is the Business Analyst. During the appointment, the Business Analyst will discuss your idea with you to determine if the application meets the basic Community Futures Lending criteria. If the proposal appears to be in the scope of the Community Futures lending program, the program requirements, application fees, and services will be discussed including:
- Loan Limits –up to $150,000.00
- Interest rates & application fees
- Business/applicant is in the Revelstoke region and the applicant is engaged in the business
- Loan terms & fee structure
- Submission of a viable Business Plan & supporting documents
The Business Analyst will then discuss the loans approval process and the role of the Loans Committee. The committee evaluates each loan based on the following criteria:
- Character/Credit – Credit history, client integrity, management
- Capacity – Business Plan, earning capacity, cash-flow
- Capitol – Net worth, owners’ equity, reserves for emergencies
- Conditions – Industry, labour, environmental, regulatory issues etc.
- Collateral – Quality and value of the security offered for the loan
- Fit to the Community Futures Operational Plan – diversifying Revelstoke’s economy and creating or maintaining jobs
If the proposal appears to be in the scope of the Community Futures lending program, you will be given a Loan Application, plus additional instructions based on any unique features of the application. Resources and services offered by the Community Futures office and the expected loan turnaround times will be discussed once a complete application has been submitted.
Once the application has been submitted, Community Futures will complete a full financial search on each applicant & spouse (if applicable), and will conduct its own research into the proposal prior to the loan being submitted to the Loans Committee for consideration. Also, in some cases Community Futures organization Legal Counsel will complete additional legal and financial searches prior to releasing funds.
Upon loan approval by the Loans Committee, all documentation of the loan is completed by Community Futures and the Loan Clients’ Legal Counsel, in which all legal fees will by paid by the Client.
If your request for financing has been declined you have the option to appeal. Click here to view the Appeal process.